Las Vegas’ Economy

/Las Vegas’ Economy

This City is considered as one of the most populous cities in the United States of America. The city is considered as the entertainment hub and center not only for United States but also in whole world. It  is very famous for its entertainment, trade show rentals, parks, and casinos, gambling and shopping.

Las Vegas is home to a number of casinos which are full with customers all the time. It is sometimes referred to as the entertainment capital of the world. According to 2008 statistics the city is home to about 558,383 people. Inside the US, the city is famous for shooting movies because of the city’s natural beauty and lights.

Economy

The city’s most strong source of income is basically gaming, casinos, entertainment, tourism and recreational places.

Las Vegas receives thousands of tourists from all parts of the world. There are a lot of casinos and parks which are popular tourist destinations.

Las Vegas also has the headquarters of two companies which are a part of fortune five hundred companies. One of them is Harrah’s Entertainment and the other one is MGM Mirage.

Inside Las Vegas the most visited area of the city is named as Las Vegas Boulevard which is commonly known as Las Vegas Strip. Las Vegas Strip hosts the maximum number of grand casinos and bars for people.

Las Vegas is also very famous for its well furnished and luxury hotels. According to 2009 facts and figures, Las Vegas in total had 140,000 hotel rooms in the city.

Las Vegas, which is now considered to be the fastest growing city in the United States, is going through a real estate boom, with real estate prices soaring without any sign of coming back down. The real estate boom in Vegas has become the pot of gold for many real estate investors since the market for foreclosures, government property, and pre-foreclosures is astounding.

One factor in Las Vegas real estate is the rise of new condos, which seems to be driving up the value and price of real estate. Investors are buying land and making a bundle on their luxury high rise condos and hotels. This new construction has been making acreage go at a premium price, with average prices per acre soaring over $600,000. While this real estate boom is great, many people wonder if it is too good to be true, and if the bubble is about to burst.

There are many people who feel that the real estate boom is close to being over in Las Vegas, while others debate that with the growth of the city, the boom is just getting started. One thing that is true is that currently property does not seem to be losing any value at all, in fact it still seems to be gaining. Las Vegas real estate that is near to the strip is going for astronomical prices, with some nearby properties actually being listed at more than one million dollars per acre.

For the investors, Las Vegas real estate looks like a great place to invest; however, one should do so with caution. If one is not a savvy investor, they could end up dealing with loss in this high stakes real estate market.

 

2019-02-13T15:02:25-04:00Uncategorized|